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Rahm Emanuel is a superb choice for White House Chief of Staff. He is brilliant both at politics and at public policy. He helped elect a huge number of Democratic congressmen in 2006 and 2008 and has lots of support on the Hill. And, he has White House experience and knows the mistakes Clinton made in his first term and won’t repeat them. Larry Summers is brilliant and very talented, and I think the markets would have a lot of confidence in him. I am not a Paul Volcker fan because his expertise is in wringing inflation out of the economy in the late 1970’s and early 1980’s, and the deadly problem we face today is deflation not inflation. I would be worried that Volcker as Treasury Secretary might not be aggressive enough in fighting deflation.

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